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THE EFFECT OF COUNTRY RISK AND MACROECONOMIC ON JAKARTA ISLAMIC INDEX

JEBIS (Jurnal Ekonomi dan Bisnis Islam) · Vol. 6 No. 1 (2020) · pp. 151–174

DOI
10.20473/jebis.v6i1.14707
ISSN
2527-3027, 2442-6563
Published
2020-06-30
Publisher
Universitas Airlangga
Language
eng
License
creativecommons.org/licenses/by-nc-sa/4.0

Abstract

This study examines the impacts of Indonesia's country risks (i.e. financial risk, political risk, and economic risk), exchange rate, oil prices, and industrial production index on the Jakarta Islamic Index (JII). This research use monthly data from January 2003 to March 2016 with a quantitative research approach that applies Johansen Cointegration Test and Vector Error Correction Model (VECM) to see the long-term impact and response of shocks on certain variables. The findings show the existence of short-term and long-term causalities between macroeconomic variables and the Jakarta Islamic index. Specifically, in the long run, financial risk, oil prices, and exchange rates have a significant positive effect on Jakarta Islamic Index, while economic risks and industrial production index have a significant negative on Jakarta Islamic Index. This finding shows that investors consider financial risks, economic risks, and exchange rates in investments. This finding also tells the government that several important macroeconomic indicators need to be considered.Keywords: Country Risk, Macroeconomic, Jakarta Islamic Index, Vector Error Correction Model, Indonesia

Keywords

Collaboration network of the authors

40 authors · 82 co-authorship links · 12 across different organisations · showing the 40 most connected

Hover or tap a name to highlight its co-authors. Double-click to open the author's page.

  • University of Mataram
  • Universitas Alifah Padang
  • Andalas University
  • Universiti Teknologi MARA
  • University of Technology Malaysia
  • Kementerian Kesehatan Republik Indonesia
  • Universitas Halu Oleo
  • Other organisations
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
Show as table
Co-authorOrganisationJoint articles
Budi TriantoAffiliation unknown3
I Gede Adhitya Wisnu WardhanaUniversity of Mataram1
Nur Idayu AlimonUniversiti Teknologi MARA1
Nor Haniza SarminUniversity of Technology Malaysia1
Sohel RanaAffiliation unknown1
Meyi YantiUniversitas Alifah Padang1
Erwani ErwaniKementerian Kesehatan Republik Indonesia1
Radian IlmaskalUniversitas Alifah Padang1
Yunita DiastantiAffiliation unknown1
Ratno WidoyoAffiliation unknown1
Rasyidah RasyidahAffiliation unknown1
Dwi DendiAffiliation unknown1
Husna AminAffiliation unknown1
Mustabsyirah HuseinAffiliation unknown1
Saifullah IdrisAffiliation unknown1
Mukhtaruddin MukhtaruddinAffiliation unknown1
Syukrinur SyukrinurAffiliation unknown1
Sulaiman SulaimanAffiliation unknown1
Hayati HayatiUniversitas Halu Oleo1
Nurdin ARAffiliation unknown1
Nurbayani NurbayaniAffiliation unknown1
Muhammad ARAffiliation unknown1
Sulaiman SulaimanAffiliation unknown1
Rohmah Niah MusdianaAffiliation unknown1
Ummi Muthi`ah FathyAffiliation unknown1
Ririn Tri RatnasariUniversitas Airlangga1
Angga Khoerul UmamAffiliation unknown1
Muhamad WahyudiAffiliation unknown1
Ririn Tri RatnasariAffiliation unknown1
M JaenudinAffiliation unknown1
Indri SuprianiAffiliation unknown1
Sri Yayu NinglasariAffiliation unknown1
Ryan Setya BudiAffiliation unknown1
Julina JulinaAffiliation unknown1
Nazruddin Safaat HarahapAffiliation unknown1
Qonitah Rifda ZahirahAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://e-journal.unair.ac.id/JEBIS/oai, first harvested 8 Nov 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">THE EFFECT OF COUNTRY RISK AND MACROECONOMIC ON JAKARTA ISLAMIC INDEX</dc:title>
	<dc:creator>Masrizal, Masrizal</dc:creator>
	<dc:creator>Miftahurrahman, Miftahurrahman</dc:creator>
	<dc:creator>Herianingrum, Sri</dc:creator>
	<dc:creator>Firmansah, Yayan</dc:creator>
	<dc:subject xml:lang="en-US">Country Risk</dc:subject>
	<dc:subject xml:lang="en-US">Macroeconomic</dc:subject>
	<dc:subject xml:lang="en-US">Jakarta Islamic Index</dc:subject>
	<dc:subject xml:lang="en-US">Vector Error Correction Model</dc:subject>
	<dc:subject xml:lang="en-US">Indonesia</dc:subject>
	<dc:description xml:lang="en-US">This study examines the impacts of Indonesia's country risks (i.e. financial risk, political risk, and economic risk), exchange rate, oil prices, and industrial production index on the Jakarta Islamic Index (JII). This research use monthly data from January 2003 to March 2016 with a quantitative research approach that applies Johansen Cointegration Test and Vector Error Correction Model (VECM) to see the long-term impact and response of shocks on certain variables. The findings show the existence of short-term and long-term causalities between macroeconomic variables and the Jakarta Islamic index. Specifically, in the long run, financial risk, oil prices, and exchange rates have a significant positive effect on Jakarta Islamic Index, while economic risks and industrial production index have a significant negative on Jakarta Islamic Index. This finding shows that investors consider financial risks, economic risks, and exchange rates in investments. This finding also tells the government that several important macroeconomic indicators need to be considered.Keywords: Country Risk, Macroeconomic, Jakarta Islamic Index, Vector Error Correction Model, Indonesia</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Airlangga</dc:publisher>
	<dc:date>2020-06-30</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://e-journal.unair.ac.id/JEBIS/article/view/14707</dc:identifier>
	<dc:identifier>10.20473/jebis.v6i1.14707</dc:identifier>
	<dc:source xml:lang="en-US">Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business); Vol. 6 No. 1 (2020): JANUARY-JUNE 2020; 151-174</dc:source>
	<dc:source>2527-3027</dc:source>
	<dc:source>2442-6563</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://e-journal.unair.ac.id/JEBIS/article/view/14707/11265</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2020 Jurnal Ekonomi dan Bisnis Islam (Journal of Economics and Business Islamic)</dc:rights>
	<dc:rights xml:lang="en-US">http://creativecommons.org/licenses/by-nc-sa/4.0</dc:rights>
</oai_dc:dc>